BEIJING, June 28 Reuters Profits at China39;s industrial firms shrank by 18.8 yearonyear in the first five months of 2023, official data showed on Wednesday, as companies wrestled with margin squeezes from softening demand amid a stumbling postCOVID economic recovery.

The tumble followed a 20.6 profit fall in the JanuaryApril period, according to data from the National Bureau of Statistics NBS.

Industrial profit numbers cover firms with annual revenues of at least 20 million yuan 2.77 million from their main operations.

1 7.2182 Chinese yuan renminbi

Reporting by Qiaoyi Li and Ryan Woo Editing by Shri Navaratnam

Source Reuters